Lument arranges $ 50 million to refinance two multi-family Texas communities
NEW YORK, January 14, 2021 / PRNewswire / – Light granted two conventional multi-family loans totaling $ 50 million refinance two Texas apartment communities, The Palazzo in San Antonio and the alleys of the South Shore at City of the League, a suburb located between Houston and Galveston. The sponsor, Venterra Realty, owns and operates apartments in six states that are home to more than 29,000 people. Colin Croix, a general manager based at Lument’s Dallas office, is at the origin of the transaction.
“These financings for properties owned by one of the nation’s leading multi-family owners demonstrate our ability to match funding source and execution to the specific circumstances surrounding a property,” said Cross.
Lument got a $ 40 million, Freddie Mac fixed rate loan for Fairways in Rive-Sud. The seven-year loan, eligible for the agency’s Green Up program, has 24 months of interest-only payments, followed by a 30-year amortization schedule. Lument also organized a $ 10 million Fannie Mae fixed rate loan for The Palazzo. The loan, entered into as a Green Rewards transaction, has a term of five years, also amortized over a 30-year schedule.
The execution of the transactions was complicated by the fragmented ownership of the communities. In either case, however, Venterra owns over 90 percent of the units and controls the condominium board.
“The Lument team really delivered for us,” said Dror Goldberg, Executive Vice President of Acquisitions of Venterra. “They closed both trades on the same day, going from foreclosure to close in just 24 hours to meet our end-of-quarter deadline. The deals allowed us to take advantage of historically low interest rates during a tumultuous period in the markets. Lument looks easy. ”
Built in 2007, the Palazzo has 100 units, which feature fireplaces, walk-in closets, granite counters, and washers / dryers. Fairways at South Shore, built in 2000, has 432 units with comparable amenities. Both communities have swimming pools and fitness centers.
ORIX Real Estate Capital Holdings, LLC, d / b / a Lument, is a subsidiary of ORIX Corporation United States. Lument is a national leader in commercial real estate financing. As a combined organization of historic industry experts Hunt Real Estate Capital, Lancaster Pollard and RED Capital Group, Lument offers a comprehensive set of customized investment solutions for investors in multi-family, affordable, senior housing and healthcare real estate. Lument is a Fannie Mae DUS®, Freddie Mac Optigo®, FHA and USDA lender. In addition, Lument offers a range of exclusive commercial lending, investment banking and investment management solutions. Securities, investment banking and advisory services are provided by OREC Securities, LLC, d / b / a Lument Securities, member of FINRA / SIPC. For more information visit www.lument.com.
Michael ratliff | Marketing director
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